Hammond's 2018 Budget includes 'Digital Services' tax

The government is planning to introduce a new turnover tax on internet giants - tailored nearly exclusively for Amazon, eBay, Facebook and Google - that will be introduced in tax year 2020-21.

Monday's budget forecasts showed that Hammond was spending most of an unexpected tax windfall this year, rather than putting it towards reducing debt faster. This would replace the current tax scheme through which they pay a 2% tax rate on revenues in the United Kingdom, which is a lot smaller.

The measure, one of a number of tech-related developments, arrived in the chancellorPhilip Hammond's Budget 2018 on Monday, which also apparently heralded the "ending of austerity".

"When we first said it in the summer we suggested we might have to raise taxes, we would have to raise taxes, to fund part of that". "We can not simply talk forever", he said.

This is the tricky aspect of the new tax; how do you hold the internet giants accountable within placing too much of a burden on the start-ups?

The chancellor also suggested that a Brexit deal could trigger more tax cuts and increased public service spending.

After shadow chancellorJohn McDonnellsaidLabour would end the working-age benefit freeze if it gained power, the party is set to table Budget amendments calling for income tax rises for high earners.

While the health service in England is set to enjoy £20.5 billion higher spending by 2023/24, spending on most other departments will be "essentially flat" over the coming five years once inflation is taken into account, said Mr Johnson.

And while the chancellor didn't name Google, Amazon or Facebook directly, he did say he was "already looking forward to my call from the former leader of the Liberal Democrats".

The companies targetted by the tax have yet to issue a formal response to the tax initiative, although shares in Amazon, Google and Netflix all traded lower on U.S. stock exchanges following the announcement - investors taking in the suggestion that the companies could be in line to pay higher tax bills in the future.

Hammond suggested the tax will begin in April 2020, pending consultation.

Will the globe's largest online bicycle retailer be impacted by the tax? "It is only right that these global giants pay their fair share". The Digital Services Tax will only be paid by companies which are profitable and which generate at least £500 million a year in global revenues in the business lines in scope. We promised to do so and we have done it.' Experts had feared Mr Hammond would be forced to renege on his promise to increase income tax thresholds in a bid to cover the cost of the £20billion funding pledge to the NHS.

This 2 percent compares differs to the 2 to 6 percent of turnover tax that had been mooted previously by French economy minister Bruno Le Maire.

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